The massive Sun Valley estate of former CEO of Lehman Brothers, Richard Fuld, will be up on the auction block on August 19, reports CNN.Money.
The last chairman of the bankrupt investment firm previously listed the 71-acre property at $59.5 million. Estimates of Concierge Auctions, which specializes in luxury property auctions, put the sale of the Big Wood River Estate between $30 million and $50 million.
The estate features three separate timber and rock residential structures: the 9200-square-foot main house that has five bedrooms with American Chestnut floors, cedar-plank ceilings, a stone fireplace and floor-to-ceiling windows on the family room; the guesthouse that has 3 bedrooms with en-suite bathrooms, a kitchen, a two-car garage and a wraparound porch; and the gate house. It collectively has eleven bedrooms and ten and a half bathrooms. The property is bordered by the Big Wood River on one side and the world-famous Bald Mountain on the other. There are nine new lots where other structures can be built.
A Zillow report said that according to Laura Brady, president of Concierge Auctions, the 2100 ft riverside property is expected to fetch a handsome price. "You're standing there, and the side of the mountain is sheer on the other side of you. You're looking straight up at this big ski mountain - but the public slopes are on the other side of it."
Brady continued that auctions like this take place for several reasons. It can be a challenge to put a price on an incomparable property, much as it can be very difficult to value certain classic cars, art and antiques. Putting a property on auction would help determine its value by finding out how much other persons are willing to pay for it.
The 71 acre Sun Valley estate will be open for viewing on July 23rd; those interested in buying are invited to the event.
